New York fiscal picture is even grimmer than previously stated, three new economic reports said Thursday.
City deficits are growing, pension costs rising and more New Yorkers are losing their jobs and homes.
The city must plug an $11.3 billion hole in its budget over the next 2-1/2 years, the Independent Budget Office found, as tax revenues plunge while expenses continue to rise.
The gap is $5 billion bigger than Mayor Bloomberg estimated in November.
City deficit at $11.3B, much worse than what Mayor Bloomberg estimated
We must retain this self-declared financial genius for 4 more years. Only he can pull us out of this financial quagmire. He earns a $1 salary and we got what we paid for.